I am given p2q100 and p3q30 as my supply and demand curves

I am given p=-2q+100 and p=3q-30 , as my supply and demand curves, but

am not told which is which. Determine which curve is the supply curve and

explain how you did it. What limits can you put on the domain of the supply and

demand functions?

1. Enter the lower bound.

2.Enter the upper bound.

Solution

p=-2q+100

=> q = 500 - 0.5P (it is demand curve). Because the slope of the curve (-0.5) is negative

p=3q-30

=> q = 10 + 0.33P (it is supply curve). Because the slope of the curve (0.33) is positive.

I am given p=-2q+100 and p=3q-30 , as my supply and demand curves, but am not told which is which. Determine which curve is the supply curve and explain how you

Get Help Now

Submit a Take Down Notice

Tutor
Tutor: Dr Jack
Most rated tutor on our site